OMB ESTIMATE: P.L.106-571 authorizes
the Federal Reserve Board to acquire a new
office building. Although the operations of the Board are not included in the Federal
budget, the net impact of the purchase of the building and the resulting lower rental costs is
estimated to reduce the net earnings transmitted to the Treasury. OMB estimates that the
earnings will be reduced by $37 million over 2001-2005. The Act also allows the owners
of uninsured section 236 housing projects to retain certain income rather than returning it to
the Federal government. This provision is estimated to cost $36 million over 2002-2005.
In addition, the Act changes the spending of the fees charged for inspecting manufactured
homes from being mandatory to discretionary. However, no amounts have been
appropriated for this program to date, and without appropriations, OMB assumes that the
inspections and the fee collections will end. As a result, OMB estimates no net cost for this
provision.